tv Mornings With Maria Bartiromo FOX Business September 18, 2015 6:00am-9:01am EDT
hi, everybody, happy friday, good morning to you, i'm maria bartiromo. it is 6:00 on the east coast. we have the merrill lynch head of u.s. equity strategy. kevin dib any, beacon crest capital chief investment officer and jo ling kent. no change on the federal reserve on interest rates. fed chair janet yellen saying fed bank was not ready to make the move because of recent volatility in the global markets and emerging economies impact on u.s. most fed officials still believe the first fed increase will come later this year. the concern for many is the labor market, particularly the participation rate. here is what yellen said about that. >> we expect the unemployment rate to fall slightly or at least participant project it will fall slightly below that level. as that occurs, we would expect labor force participation, the six call component of that to
diminish over time. maria: markets yesterday reacting with disappointment to the news. it was a little uncertain right after the announcement. major averages ending the day lower, at the end of the day, down 65 on dow jones industrial average. s&p down fractionally. nasdaq and russell ended fractionally better on the day. this morning we're not seeing much movement. let's look at futures. we're looking for lower open for broader averages with the dow industrials indicating down 45 points as you can see there. we're also watching commodities. investors seeking the safety of gold up better than 1%. that certainly was the case yesterday. we're looking at a gain of 1 and three quarters%. crude oil hovering, unchanged this morning. impact on wall street. shanghai composite up fractionally as was the hang seng. nikkei in japan down almost go%. in europe this morning take a look at the action, declines across the board in early
trading session. cac, the dax index in germany both down better than 2%. on to politics, the clinton campaign could be in trouble. "usa today," hillary clinton is losing support among moderates and independents which could doom her run for the white house. clinton trails short bernie sanders in both iowa and new hampshire. call them an odd couple. donald trump and russian president vladmir putin? one of trump's advisors telling fox news's sean hannity better than likely chance trump will meet with putin later this month. putin will be in new york for the united nations general assembly late they are month. incredible new images from space. nasa showing pluto including icy mountains and fog. what interesting pictures. last night's game between denver broncos and kansas city chiefs, with 27 seconds to go, chiefs running back, jamal
charles fumbled the ball and broncos defensive back ran it in for a touchdown. rates were left unchanged yesterday citing worries of global growth. we have kathy jones. >> thanks for having me. maria: you were not surprised by the decision. what is the move now? what are you telling clients. >> we're telling client there is still a chance for the move by end of the year. we're watching dollar and credit spreads, those are two things we're keeping an eye on. credit spreads are widening, meaning more risk in the market and dollar has started to do pull back which is good thing for us in terms of getting inflation numbers better. so big drop in import prices as dollar moved up. if the dollar stablizes or pulls back, then that will reverse. maria: bank of america, merrill lynch, you joined me yesterday right after the decision. it could have gone either way, right? we saw they did nothing. what concerned me was the fact
that they talked about the global economy and slowdown because that is the fundamental for investing in equities. how do you see it? >> yeah, it was interesting to see the market reaction because it was almost so bullish it is bearish. that is the way i interpreted this. more liquidity which historically has been good for equities. but more liquidity because of weaker global growth, this doesn't feel great. maria: so bullish because rates stay low and you have to go into equity. >> accommodative policy, there is no alternative, like whole argument we've been hearing last six years. it is like how long does the story go on? you know, i thought that the best time for risk assets across the globe would be if the fed actually lifted, raised interest rates. we thought at that would be actually a bullish sign for equities. that suggests we're kind of in normal territory. we're on the road to normalization. this is more of the same
purgatory, unclear growth trajectory. same stuff will work, high yield, hyseq cue lar growth stocks but it was interesting. it is almost like we're at the other side how much liquidity do you need before it gets almost to be too much. maria: we're talking so much when the fed will raise rates. now we finally know they're not raising rates, kevin, but this opening up total uncertainty until rest of the year, right. >> it is uncertainty and fed is at risks of losing credibility, if there is another shock they don't have a tool to react to it. i agree we're in this purgatory, that is good word for it. reminds us every day this is economic policy for a crisis environment. i think what happens in the long run, we'll see distorted capital formation and distorted capital allocation within the economy. i do think yesterday makes the case the fed is reacting to capital markets, not underlying economy. later on i was very, very disappointed. seems to me there is a lack of courage.
it will be disruptive on some level. even do it is over, accommodative piece is over. let that work. stocks can work in raising rate environments. we've seen that before. maria: really how big of an impact would quarter of a point? what does the fundamental backdrop look like? joined lou dobbs, stuart varney, neil cavuto yesterday to talk about where investors are looking now. >> within an hour after a fed move, even, an expected move, it moves about 3 1/2% one way or the other. it settles the day within 1% from its prior close. >> is that what you said? unexpected? >> over the last -- maria: i think worth looking at some of the growth areas, what is down in in market. technology. banks, industrials. the growth areas of the stock market are down.
where is the growth? of course what did well were utilities, real estate investment trusts and yield sensitive areas. >> exactly. utilities finished the day, best sector. kind of what we're used to, high yield or biotech. really shorting the economy and buying scarce growth or high yield. i think we're kind of in that purgatory, more of the same. stick with what is working the last six years. i have to say i was disappointed by the lack of any sort of lift off. maria: you wanted to see confirmmation that in fact the economy is moving forward and growing but china, jo is one of the big issues. >> i thought it was interesting how chair yellen basically said they would be watching china directly and looking at that data coming out. yet that is data that can not be necessarily trusted on a broader scale, right? you have of course other countries potentially dipping into recession. but it seems that the fed is now
wanting to be a little more data dependent on china. that is a little bit interesting because, it indicates they don't feel necessarily in total control. >> right. the data from china is sketchy. maria: clearly slowly. kathy jones, final word from you in terms of investment strategy. what are you telling investors? >> the biggest mistake fixed income investors has made over last several years, shorter duration. you can't sit on sidelines to wait for rates to go up. still a long wait ahead. maria: cathy jones, thanks for being with us. thanks so much for joining us. the top story in the "wall street journal," walmart planning to hire 60,000 seasonal workers for the upcoming holiday rush, matching last year's level. after target said it would hire 70,000 employees. toys "r" us are planning to hire 40,000 people, down from last year. seems like good news to see the hiring. again, this is emit work.
not benefits, savita. this is for the holiday rush question. the question will we get a holiday rush? we're still waiting for consumer to put money into the economy. >> that is the another eerie phenomenon. this recovery has been good for wall street but hasn't been good for main street. i think consumer is feeling gun-shy by spending windfall of savings from lower oil prices. we've been talking about the consumer sector. we're not big fans of consumer discretionary stocks. i think if anything if we're going to see more hiring that is bad for margins of big retailers because they continued to be more cost dependent on workers. they don't necessarily see this top lineup tick. but i do think it is interesting. we haven't seen that resurgence of consumer confidence despite oil has been cut in half from its prior highs. >> as consume spends it has been opposite, they have spent more on durable goods and big-ticket items. they usually buy retail and clothing. we haven't seen that first time
in our framework in a few years we're starting to see mid-tier consumer cyclical type names coming up not necessarily the high-end. auto sales doing really well. people putting things back in their homes. i think one, low probability but thing to look at potential bullish signs of areas of the market over next 12 months do we see any indication consumer is starting to spend. when we get back to school and holiday data will be. there is so much underemployment. so many people on the sidelines. the chair said it again yesterday, there are people just not coming back. maria: when you look at the participation rate, i think, jo, 38% of working age americans are out of a job and are not interested, not looking for a job. >> late 1970s lows. that stayed the case over the last couple years. it really hasn't moved. what i will be watching in holiday season and back to school shopping season how are people shopping differently. how are companies restructuring.
some of the seasonal hires may change if more and more people are shopping online, right? looking at different landscape potentially. maria: we'll take a short break. when we come back, big business returns to cuba. moves from the white house that could ease restrictions on american companies operating there. look at headlines in "wall street journal"th morning. target workers at brooklyn store voting to join a union. and the vatican disputing the white house guest list for the pope's visit. we'll be right back. ♪ can a business have a mind? a subconscious.
maria: welcome back. just two days after riot police used water cannons and tear gas to turn back migrants at hungarian-serbiaborder other countries are closing that are doors. cheryl casone with the latest on migrant crisis. >> it continues to get worse and worse. croatia closing seven of eight border crossings with serbia. 11,000 migrants passed through the country on way west, trying to access limited number of buses and trains. croatia says, quote we're not a road to europe, stay in sheesh yaw, macedonia and greece. -- serbia. they tracked down victims of flash floods that wept through utah. 19 people lost their lives in an event called the worst weather disaster in utah's history. obama administration will have sweeping regulations to weaken the u.s. embargo with cuba and allow more u.s.
companies to do business in the communist state. make it easy for tourists to travel there. we're expecting official announcement from the white house. we believe they will appoint an ambassador to cuba. remember pope francis is going to cuba. raul castro is speaking at u.n. this is really ramping up with this country. maria: a lot of countries want to get their wares in there, certainly drum up business. jo, good idea? >> companies are enjoying it so far. even startups in the tech world, airbnb opening lots of new places to stay. maria: is that right. >> they're seeing huge success. their growth rate in cuba is faster than the growth rate they saw in san francisco around the same time when they opened there. they're having good success so far. it's a people to people business. interesting to watch. might indicate how cubans and americans are traveling there and actually spending. maria: i know airlines have a big opportunity. jetblue took the trip with governor cuomo a couple month ago. once you get air travel there, that changes the game. >> you have a pretty strong
cuban-american community in florida and new york up and down the east coast and across the country. >> marriott, choice hotels. there is a huge list of companies. wi-fi and internet capabilities they're looking to establish in cuba. big business opportunities. maria: any thoughts from our panel. >> it will be a long time to transition to consumer economy. hopefully this will do what we did with eastern europe. push goods and desire and internet access is big thing. see what kind of consumerism and entrepreneurism emerges in cuba. it won't be driven by the cuban government. what is interesting, the u.s. policy could make standard of living for cubans better. maria: we'll see if he names an ambassador. rates climbing to levels that have not been seen in more than a decade. we'll break down what it means for the energy sector. is this the weak part of the economy, the energy business and potential bankruptcies? back in a minute. ♪
maria: welcome back. energy companies topping the headlines again this morning as the lead headline in the journal reads, defaults mount in beleaguered energy industry. u.s. energy default rates are at highest level since 1999. how long will oil stay at these lower levels and will we continue to see more consolidation in the energy space? phil flynn at cme in chicago right now looking at energy. good morning to you. >> good morning, maria. for years you and i talked about peak oil. now we're talking about peak production. that is the big thing coming out of this story today. we're seeing signs u.s. energy companies cutting back in big way. these bankruptcies mean u.s. oil production may have peaked. this is very interesting because it comes at a time when congress is debating whether or not the u.s. should lift their ban on oil expos.
it would help the beleaguered oil industry. if it doesn't happen, u.s. oil production may have hit highs for some time to come. back to you. maria: phil, thank you so much. of course if prices go the other way, perhaps the story reverses course. savita, i've been worried about this idea that energy companies in the shale area in particular are highly leveraged and they are either going to lose their credit at the end of fiscal year, november, or they will have to redo their credit lines. that will push some of these guys into bankruptcy. >> sure. i think that is what the stocks are discounting at this point. if you look at valuations of small cap and large cap energy, lowest we've seen in 30 years. admittedly this is a troubled sector. i think that large cap energy companies with strong balance sheets are going to win by default. the way to make money off of this, is buying large cap, u.s., energy companies, strong balance sheets, that can take advantage of what could be advantageous acquisition of distressed
companies that do need capital, that you know, could be kind of sort of a special situation frenzy in the energy sector. we haven't really seen a lot of m&a there. i think we could start to see that. maria: i guess the worry is the energy space, kevin is one of the spaces we've seen job cryings. if this is area where we see job cuts, does this impact the broader global story? >> it does. i think though the production levels are not going to decline. i don't think we'll be at peak production. there is appetite to gain and maintain the share. we're fighting with saudis and everybody else. we see the trade right now, to be short e&ps, explore racer and production people are getting hit by a lower oil price. we don't know what real returns on capital are. oil prices coming down quickly and they have this levered balance sheet and long refineries. we don't feel like getting back into energy is right now but it has been a huge hit for the economy and i think the chair
should have discounted or session meanted there is no inflation or take out oil price effect. if you think there is no inflation and think how much energy has taken out of this number. maria: jo, we've been talking about this all week. the point of my column back on monday was asking the question, do commodities lead economies or do economies lead commodities? everyone is talking about this idea that gasoline prices are so low. that eventually will lead to economic growth through the consumer. but, we're already getting message from the commodities complex. that is indicating this global slowdown. which is it? to economyies lead commodities or do commodities lead economies? >> it is hard to say because all the predictive effects of lower oil prices has not played out on domestic consumption stage. we thought with prices down people would spend more. instead of seeing increased consumer confidence or consumer sales, people paying off debt or
saving. push from the domestic economy has been relatively unpredictable. maria: yeah. >> maybe it is different this time though. i hate to say it. [laughing] but you know, the idea of this being a supply-driven oil shock i think makes sense of the we have massive supply coming online from the u.s. then we have demand destruction from the, you know, the increasing use of alternative sources of energy. so i think the secular bear case against commodities, it might have nothing to do with the economy but sort of a secular shift how we think about tradition ole commodities. maria: you would buy energy? you think energy is going higher. why? >> i would buy energy stocks. i wouldn't buy underlying commodities. i think we're due for contrarian bounce in the sector. it is so hated at this point. maria: do you like it? >> the commodity trade will be more decoupled. you will have fossil fuels and other sort of production inputs for china. that i think was in anticipation of a bubble.
so you had all the deployment of capital in northern australia to build iron ore mines. that was more to your earlier question, does one leave the other? i think commodities are so fraught for a bubble because it is narrow market and investors who doesn't normally invest there tend to pile in and you always see when market participants who aren't normally participant in the market show up that is time to think about leaving. maria: coming up while hillary clinton dropping in the polls, jeb bush is triering to fire up donors. donald trump set to show off his foreign policy mojo. we'll get into that next. later we have real-life mummies on set. yeah, mummies. a display coming up. back in a minute. ♪
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they can't hit their stride either way because they don't know what is happening if vice president haydn will enter the race. on top of that they have to keep dealing with their own good wounds of the e-mails. >> with robert wolfe on yesterday who obviously has been a great supporter of president obama and hillary clinton buddy told me something i thought was interesting. he had a one-on-one meeting with joe biden. are the dems nervous now that they need support behind someone else? >> there is a draft because they are so worried. it's really dragging everybody down. bernie sanders has a ceiling. he's only going to go so far. she's got that in a certain sense. as whether biden gave vendors a credible alternative to her. >> even if we don't see the vice
president getting, it may open a window for someone else to get in. they have until november if the moderate and folks at the white house really see hillary tanking, they may consider putting someone else up because they are so concerned about her numbers. maria: who would they put up? al gore? >> there could be other folks they decide to put up because they don't want to have a socialist at the top of their ticket and hillary clinton keeps going down. maria: to the markets care about this at this point? >> they do because of the populist move out there. not as a political analyst, but i think it's going to be hard for anybody extending policies of the last six years. history tells you we will swing between the middle and i don't think anybody is pounding the
table frame the table frame is a great six years. >> this time the election matters particularly for the financial fact there appeared a republican in the white house could dramatically ease the regulatory framework for is a democrat you may see more at the same. there's a lot of swing factors this time around that are more important than they have been. >> not the formation of small businesses has been regulatory. that's very about coming from the right and it should be next year. maria: here we are talking about et cetera circuit did not live yesterday. monetary is the only stimulus. >> that is something we need more from the candidates on. how would they deal with another recession or financial crisis? i decided the early days of the administration. another thing we cannot forget, secretary clinton does that when she is the underdog. we saw that in the 2007-2008
campaign cycle when she put forth a more authentic side of herself. >> we are listening in an age where you have to be public all the time and she's hiding. she has to get out and be honest, personal and when she does that she's better. maria: let me ask you about trump, the other side and how this plays out. trump felt like he lost them shine in the last debate. >> i'm interested to see what the polls that come out in the next couple days show is standing. we know for real polls, not online that he likes to credit, debt is solid support is about 10 or a little bit more. 17% of that is soft. it could fall off. here is the key. 100 to $200 million spent
against donald trump on the super pac between january 1 and 51 is to take his head, no pun intended. what will happen to those voters that he allows. maria: the negative ads begin land? >> they will not start until is and start until is and if very high standing in a month iowa stars. >> some groups have started the negative ads as early as this week in new hampshire. that is coming even faster than anyone anticipated. maria: real quick, who did best in the debate? >> carly fiorina hit it out of the ballpark. >> carly and rubio. maria: susan del percio, appreciate you joining the conversation, both of you. preparing for the holiday
season. spam at good morning, maria and everybody. amazon with a seven-inch fire tablet for $50. we talked about that intends for the holiday spirit the apple ipad air starts around 500 bucks. also $100 cheaper you can get the eight-inch fire tablet available at the end of the month. amazon introducing a very interesting option. allows customers to purchase the seven-inch tablet in bulk. the fire will be available in a six pack for the core price of $250. this is interesting that you can get six of these for $250 rather than 300 bucks. you are saving $50 could be good for teachers guests or teachers guests are grabbed by guest and the like. this is the type of thing they are really looking for
entertainment, streaming video. it is setup so you can watch movies. get on there for amazon.com. there's so much competition in the space. maria: there's also the question to you in a souped-up tablet that gives you the stafford you want something for 50 bucks that is cheap and giving you access. nor the audiences audiences they are appealing to? >> i hate to say this but it has very little hardware -- to do with the hardware. apple certainly very weak on this streaming site, be you can get your netflix on there. you can watch amazon streaming. it depends how much are willing to spend on the hardware and the software ecosystem you want. >> is already available for pre-order. you can start shipping it on the 30th. you've got to really know your stuff. there so much for the tech geeks, processors and cameras in gigabytes. for the regular folks who want to stream in order on amazon, 50
bucks, right in the sweet spot. maria: sounds like the same thing that happened with cell phones. you just want phone service are all the souped-up stuff. start your day every weekend with nicole and lauren simonetti on "fbn:am" at 5:00 a.m. you for "mornings with maria." one bank tends to avoid the public eye. goldman sachs new advertising strategy. back in a moment. ♪
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maria: booth at a situation developing. we have extended losses near the lows of the day in the future is now expect in the market to open 121 points at the start of trading. once again to worry over the global slowdown unnerving investors after we learned yesterday the federal reserve is not raising interest rates because the global stories impacting the u.s. a computer glitch grounded hundreds of american flights yesterday. cheryl casone with the story. what was the problem? cheryl: this is amazing. american airlines said its computers are back online but they have a widespread outage
that help out of dallas, chicago and miami at its worse for the 840 flights around the country were delayed and that's probably going to spill over into today, but reappeared the numbers are written. the nfl drawing in a record 19.9 million viewers for week one of the 2015th season perhaps just as successful the daily fantasy leagues like drafting end-to-end tool. the fantasy sports will bring entry fees in one week of folk. go figure. the most infamous investment bank is coming to a campus near you. goldman sachs teaming up with snap shot to start advertising college students that starts today. they will be using this for recruiting. they told investors with god 270,000 applicants for 8300 jobs, but they are paying to do
this. >> the thing about snapshot that i find so compelling as they are no longer just going to career services are having a come on. they are going straight to the source of where students are talking. especially after more and more college graduates and students are going to a bank isn't necessarily the bread and butter in the best place to go. maria: everybody's looking at millennial to figure out what they're doing. >> snapshot is a good one. integrate very effective with ads. facebook of course, twitter. twitter is a whole different beast. we've seen that with the decline of the user growth. snapshot is the one to watch. >> one of our in-house millennial is, jo ling kent.
maria: welcome back. take a look at the market extended losses this morning on top of yesterday's decline on top of the federal reserve not raising interest rates. dow industrial done 113 points, nasdaq and s&p 500 weaker this morning. things have weakened a bit sense then. you say you are telling clients
you want to buy quality. >> quality is the way to go. the way we define quality is stable earnings come healthy balance sheets. there is an opportunity here to buy cheap high-quality companies. i'm not talking about high dividend users because they are quite unsafe. either this is a tactical delay on the part of the fed will hike later this year which is what we think what this is the beginning of the end and in that environment where they have a binary outcome was quality is the way to go. maria: you are looking at small and mid-cap rather than large multinationals. >> they are insulated from the slowdown yesterday so the revenues are different from the u.s. economy. valuations are not stretched when they see their earnings deceleration with the larger cap in aggregates. another point to think about, the market in aggregate is more risky than going and what they fear a set of stats and maybe have a more concentrated
portfolio. that is something we've been doing the last eight months or so. the broad market is volatility. >> i worried about the slowdown in awnings are you? the quarter comes to an end in the end of september. the expectations call for a decline in earnings. is this going to create further disruption? >> most of the downdrafts we've seen have been driven by the dollar and oil. we can model those into our estimates. if anything, the fed is putting pressure on the dollar which is good for u.s. earnings. these can get better rather than worse. but growth really deteriorates in china and that's a big negative for the overall demand story. >> the profit margin story for the s&p 500. when it peaks at usually attends a recession.
the prioress 8% in 7%. every time we have a recession, management gets more creative and productive to expand returns on capital which is a wonderful story. we've never seen a double peak which would expect no if there is a recession coming which makes me more concern the fed does the tools to deal with it. the guidance will be important going into 2016. maria: we look at the guidance for second week in october or so. the largest exhibition of real mummy ave. around the world is on tour right now. on display is one of the first replications of egyptian mummification diamond over 2000 years created by my next guest. breyer has been dubbed mr. mummy because of his expertise to discuss his work on the new map. tell us about your work. >> i am a mummy person. my specialty is mommies and one
of the things that the exhibition is my research on creating a mummy. we never knew for sure how the egyptians mummified their dead so the only way to do it was to mummified a human cadaver. a colleague and i took a human cadaver and made replicas of ancient tools and mummified the cadaver with the brain through the nose, check out it to your guns, dehydrated it. we did everything the egyptian way to figure out how they did it. maria: what did you bring to us today? this is an actual mummy arm. >> we call her lefty. the reason we have to do is we were interested in learning as much as we can for mommies. they are like little encyclopedias if you know how to read them. from just this time i can tell you approximately the age of the person. by looking at the x-ray i can tell from the bones -- is
probably around 35. no signs of arthritis so she's not too old. she had a good diet. you are what you beat. when you eat good food, protein, calcium from your bones are dense and solid. if you didn't have a good diet, it would show up as pale on an x-ray. after 3000 years we can tell this is a woman who is fairly weak, either good diet, maybe 35, 40 when she died. but she was not really wealthy. there's something very sweet about this mummy. you see a bracelet painted around the wrist. she was sent wealthy enough to be buried with the real thing. the family couldn't afford the real bracelet so she would have her jewelry painted on the money. maria: what about the history of mommies? >> share, the ancient egyptians believed in resurrection.
they thought he would get up and go again in the next world. so they wanted to preserve the body at all costs. that is why they mummified so they realized body has moisture in it, so you take out the brain, the internal organs, dehydrated. it all starts with this religious belief in resurrection. maria: so fascinating. where is the tour going on? >> exhibition is at the orlando science center. tomorrow night i think it is i'll be giving a talk. the fabulous exhibition with members around the world. i'll be giving a talk about my mummification project. maria: so fascinated. great to have you on the show. good to see you. good luck with the tour. always a pleasure to have you on the program. thank you for your insights.
jo ling kent, see you later on in the program. nicole petallides with your atf report expert in that dataset to transition for mommies to utilities. looking at the x value in particular we saw yesterday the fed decided not to raise rates. he sized bike in the utility sector. utilities are a safe haven that pay high dividends. our senior editor pointing out yet another fact chair. no exposure to the volatility we've seen in china which janet yellen alluded to talking about global weakness or global worries. that is an etf report. much more coming up on "mornings with maria" after the break. so,as my personal financial psychic,
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maria: good friday morning, everybody. future extend losses on the fed this morning. happy friday. i maria bartiromo. with me this hour, rose cliff m. lamarckian veracruz state court case talking investing in the fedex next. your top stories. 7:00 a.m. on the east coast, no change of the federal reserve on interest rates. chair janet yellen said the bank was not ready to make the moves amid recent volatility in the emerging economies and impact u.s. most officials believe the increase in almost 10 years will come later this year. a concern for many is the labor market in a specifically the participation rate. >> we fix the unemployment rate to fall slightly for participants project you will fall slightly below the level. as that occurs, we would expect labor force participation, the cyclical component of that to
diminish over time. trying to take a look at featured look at features paper marks to open the triple digits. dow jones industrial average to open 116 points. nasdaq expected 30 points and marshall botching commodities this morning. gold is up nearly 2% on the inaction yesterday. oil prices down better than 1% now $46.41 a barrel. equities on the globals age. asian markets mixed overnight on the fed decision and is selling afterwards on wall street to the shanghai composite was up a third of a percent. the nikkei in japan down 2% has the yen strengthened in the dollar weakened. in europe, declines across the board to dfg 100 down. cac and france down better than 2%. germany's dax index down two and a quarter%.
german data shows weakness in the european economy. the clinton campaign could be in trouble. "usa today" reporting hillary clinton is losing support among moderates and independent which could doom her run for the white house. clinton trails bernie sanders in iowa and new hampshire. call them an odd couple for sure. donald trump and vladimir putin, one of trump's advisers telling sean hannity yesterday there's a better than likely chance complement with putin this month. it will be in new york for the united nations general assembly. incredible pictures from space. nasa releasing images of pluto show an icy and fog here last night's wild finish was also interesting between the denver rockers and cheese. the broncos recovered the ball and ran it back to a touchdown. now back to our top story.
peter barnes is that janet yellen's news conference and joins us with more. write to you. >> good morning, maria. the domestic economy is doing well. it's weird problems overseas could hurt the recovery, especially china. growth has been slowing in stock markets dropping. >> would refuse development in all important areas of the world, but we focused on china and emerging market. the question is whether there might be a risk of a more rocked slow down than most analysts expect. >> yellen says the fed needs more time to evaluate the impact on the u.s. economy but in its new economic rejections, a large majority of policy meeting
participants, 13 still expect to hike rates by the end of this year. maria: thank you so much. my next guest accurately predicted the decision on the show yesterday. >> they've not been very markets to move right now. the prep starts today. they don't move. maria: joining us now, jon hilsenrath joining the conversation. sandra smith. what is going to change in the next couple months? most fed officials expect to raise rates by the end of the year. are we still did a dependent? >> they say they are. i think in the markets mind, not a lot is going to change. when you look at futures markets, they are now predicting a 45% chance the fed does anything this year. the fed is sticking to its guns. one thing that could get it moving. unemployment rate has continued
to fall and weakened under 5%. that's really cannot remove them. maria: i'm really concerned about the global story. the federal reserve just told the markets what they think of the economy. a lot weaker than people thought. we've been talking about the global slowdown. >> john called it so accurately yesterday. janet yellen is the uber prepared person. she would let the markets know before hayek. she's clearly letting us know that december is in the cards as far as the first quarter-point hike. add enough the markets care about that. they wonder what the track is after that. what reid did you get from her were deemed and comments about future rate hikes? >> that's a really essential question. the message here was in the act and not so much the words.
the and yellen and stanley fischer said after they start raising rates, they will be very cautious and gradual. another was not aggressively to raise rates. we saw yesterday evident is how cautious the feds will be. if it gets any insurgency along the way, they will stop or slow down the pace of days. we are the cannot rates a year or two years from now which are maybe not zero, but still very low. maria: many contributors have been so accurate. keith macola, congratulations with your new baby face. he's been so accurate calling for a no rate hike. he's also been talking it's absolutely impossible to raise with the global environment. >> speaking of babies, my
youngest child was born nine years ago the last time the fed raise rates. maria: so your name to a magistrate. >> he has never seemed in his lifetime a rate hike. i'm convinced he will be driving a car by the time the fed raises rates. not only is the fed raising rates this year, the fed is not raising rates next year. the fact will put china on the table, which is critically important, the fact they acknowledge publicly, they are getting dramatically worse. if the fed raises rates, it risks an all-out emerging market crisis. emerging markets are in turmoil but we could send them into a disorderly crisis at the fed raises rates and the fed told us that. if we keep rates low for much longer, we risk the chance of creating a bubble. the fact of the ticket john's take on this. to me it is very worrisome.
>> i think there's no way you can argue that deserves your interest rates right now. maria: above a pushback on that. an industrial complex completely broken down. i'm talking copper, iron ore, oil indicating something about the industrial economy. then it got participation rate. 38% of working age americans are either out of a job or looking for a job. they don't even care. it is not all puppies and rainbows. >> it's definitely not. without oil which is a big part of that trickle-down effect from 100 down to $37 a barrel. a lot of industrial companies right now like railroad, trucking companies are better in this time and now they start to see upside. a lot of people throughout the country, small business owners see things on the uptake. i don't believe when it's your interest rates right now. maria: we are not in an
emergency situation. >> a couple of things. your other guests are getting to the essential problem. when you look at the domestic economy, it's a much better shape than it was a few years ago and better shape than the rest of the world. i did a story this week about the oddest there. we are going to have the best auto sales this year than almost 15 years. if you look at detroit, i was talking to economists in detroit and they say it feels like the late 1990s all over again. interest rates are low, people are taking 0% loans on their cars and going into these big suvs. the domestic economy looks good. the global economy doesn't look good at all putting upward pressure on the dollar. not only is hurting the u.s. economy, is heard in the mix of growth. we would like to export more and
spend less at home. it is more spanish, must exports overseas. maria: one thing is for sure. we are all guessing when the fed will raise rates again. back to square one. jon hilsenrath, thank you your great reporting as always. a host of new business opportunities for americans in cuba. we will take a look at that and some of the other headlines top in "the wall street journal" including the number two official spirit workers voting to join a union and the vatican disputed the white house guest list for the pope visits town. we will be right back. ♪ i say we go all in on the internet of things. what we're recommending as your consultants... the new consultants are here. it's not just big data, its bigger data. we're beta testing the new wearable interface... ♪ xerox believes finding the right solution
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cheryl: front runner donald trump, here is a statement from him. quote, the media wants to make this issue about obama. the bigger issue is the bomb is waging a war against christians in this country. christians need support in this country, their religious liberty is at stake. the controversial question happening at a rally with mr. trump. also today, the obama administration is readying regulations to make in the trade embargo with cuba and allow u.s. companies to do business in the communist date making easier tourist travel there. we expect an official announcement from the white house today. cablevision's new boss sharpening his plate. french alien or patrick draw he simply not the top 10 managers he says cablevision, direct quote commend many layers of highly paid people, adding i don't like to pay salaries. another quote, i pay as little as they can.
this guy has earned a reputation as being brutal. looking at the division of top paid managers in this country, more than 300 people make over 300,000. he does not like to pay anyone over 200,000. maria: lovely. the comments are resonating today. a french owned company taken over cablevision, already talking about cutbacks. >> he sounds more american than french. i don't know anything about cablevision, this sounds like he is a seriously reformer. if i worked there or be seriously worried. maria: -- >> within 10 years we've heard rumors they wanted to sell cablevision. find that they do sell they do sell it and i find it interesting with consolidation in this country they sell it to a french company. >> may be available salary another 12 weeks of vacation a french get. maria:.net actually placate
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janet yellen with the whole world in her hands. basically she is going to be concerned about global economic growth. it means low interest rates for a long time. a lot of currency confusion. gold is going to benefit i might definitely see that today. up over $20 an incredible run. oil prices down 48. they are concerned about janet yellen. they hate the concerns about global economic growth. not good for energy. demand means lower prices. u.s. refiners produced a record amount of gasoline. over 10 million barrels a day creating incredible. maria: phil flynn in chicago. will we see more oil and gas deals communist crude prices come down. what are your expert nations of the energy sector? >> listen, i'm generally
skeptical of risk assets right now, but i love energy. part of the reason to love energy is the fed. i know crude oil is not doing well so far this morning, the janet yellen has put effectively a tailwind behind the energy market. the dollar is going to continue to get ahead. you will continue in the weeks and months going forward. that is a good thing for the energy market. dollar down the energy of. the fact are absolutely battered for the entire summer laugher data now trade have a very handsome dividend yield. >> the dollar got hit yesterday and that's why german stocks are under pressure down 2% because of the euro gets stronger that's not good for the euro. >> the fact he's trying to ease, and i said i will see it and meet you with no action.
europe has been put in a terrible position. we are becoming saudi america. the american energy revolution is still young. for long-term investment investors, it's really pleased to look. >> look at the big energy needs. oil dropping from 100 down to 40. so paying dividends even though they've cut it. if oil stays in the $40 range, a lot of energy names have recovered because the stock prices have been cut in half. maria: by would've stayed there when you have more supply in the market? >> wrecks just did this -- maria: is this your bedtime reading? >> he was talking about the easy money, easy financing environment landed a boom in energy but also this unprecedented bus racing in the market. so to me it is an historical
moment watch out for energy players navigate through the sudden environment that we've been in for so long and obviously changing global environment as far as the oil supply and demand situation is concerned. everybody's trying to figure out what this means for the energy companies. are they in a better position now if oil prices set at $40 a barrel? >> to mike's point, the strong ones, yes. the strong will survive. you already see a lot of dealmaking. the ones who are going to default will default, but the people of strong balance sheets will come in and buy assets in make money from them. maria: we see another round of consolidation. coming up, and making sure to inspire the most entertaining and internet names of all time. what donald trump and vladimir putin on a crash course for each other.
take a look at our best moments from yesterday. decisions from the fed. documented. >> i thought about that yesterday when i was running. suppose they go up to 20 basis points. >> while you are running? you're just thinking about that sad? maria: you've got to get out more. >> i like running without music. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought.
martha: good morning. our top story this morning, the federal reserve delays the liftoff, deciding not to raise interest rates of after all. the markets were disappointed, the selling continues this morning because it is indicating the federal reserve views the economy, the global story as weak, and as a result, you're seeing this market deteriorate further. down 173 points right now, the nasdaq and s&p 500 also weaker
on the idea that we are seeing economies across the world slow down in a big way. here's some highlights from yesterday's special coverage that we had on the fed. >> i'm not surprised, maria. i am a bit disappointed. i do think the u.s. economy, labor markets are in a place where zero doesn't make a whole lot of sense. >> i wish that they had moved, but i didn't expect them to do so. i think their hope is to keep driving down the unemployment rate under 4%. >> i also wish the fed had gone ahead and got us off a zero balance. the economy's not great, but it's not in emergency zone, and we can get ourselves off of that zero level. maria: do you think the fed made the right decision? >> no. i think this whole policy or low interest rates for seven, eight years is exactly what's got us in this economic stupor. >> raising rates from one-eighth of 1% to three-eighths of 1%
isn't going to change one job, one profit, one new product, one entrepreneur, one innovative process in america. this idea that somehow this is the most important decision in the world is muppet -- is nuts. maria: pretty big consensus that the fed made a mistake. donald trump looking to show off his foreign policy mojo. the trump campaign confirming to fox news that they are trying to set up a meeting with vladimir putin at the united nations later this month. want to bring in steve forbes on the subject. good to see you. >> good to see you, maria. maria: so frump and putin? -- trump and putin? >> that's very interesting. what are they going to talk about? maybe selling him something in trump tower if he gets overthrown from power in russia. but the meeting will get plenty of press coverage. maria: you're saying there's no
substance there. you're saying it half facetiously, obviously. >> putin may say, yeah, he'd be a great negotiating partner, but in terms of what's going to be done about syria, russia putting in military forces, we got them out of the middle east back in 1946, now we're letting them back in, what's the implication of that? trump said in the debate that he wants to meet with putin. again, that begs the question, what policy are you going to pursue to get him out of ukraine, stop going against your neighbors, stay out of the arctic and syria, what's he going to do about that? maria: it's interesting, sandra, you don't think he lost any shine, he didn't do any -- >> his supporters are so diehard that i don't know that one debate is going to have them leaving trump to go somewhere else, especially not that debate. not that he had a horrible performance and not a notable performance either, but i don't think he, you know, lost anybody
there. but trump has been accused of not being specific, but he's almost to some degree, steve, said just put me in office, vote for me, and then i'll tell you how i'm going to handle all this, right? isn't that basically what he's telling his supporters, just trust me, aye got this. -- i've got this. how can you run for president and win like that? >> he's understanding now that's not going to get very far. the fact is in the middle part of that debate, he couldn't participate in the discussions on specifics about policy. >> is that because he's no capable, do you think? >> of course he's capable. >> okay. >> he hasn't gotten the people ready yet. when you become the front runner, people expect you're going to have -- who your advisers, what your policies are going to be, they take you much more seriously than when you're down at 3, 4%. and in terms of taxes, he's got to introduce a tax policy in the next two to four weeks. maria: he keeps promising it. >> when reagan wrap in 1980 -- ran in 1980, he had specifics.
that's why he won the election. that's what has to be done in 2016. >> the only reason i asked if he's capable is when you look at the polls, while he's leading in the polls, at the same time, the polls do show that people don't see him -- a majority of people don't see him as qualified. >> right. and, sandra, he's leading in the polls because people are angry. by the way, they should be angry, right? they're angry because of slow growth. the antidote is not donald trump, and i think it's feting that he's -- fitting that he's talking about meeting with putin, because in many ways, they're the same guy. the two of them are going to take their shirts off and wrestle a tiger -- [laughter] >> too early in the morning to talk about -- [laughter] >> that's fine for a third world country, but this is the united states of america. this is serious wiz. we need a growth strategy. trump's policies so far, economic policies largely resemble bernie sanders's economic policy. is he entertaining?
yes. is he tapping into anger? yes. is he the answer? no, absolutely not. >> three months ago myself and a lot of other people didn't expect trump to be where he is today. if this actually materializes and he does have the sit-down with putin, isn't he do you mind of just -- kind of just proving it puts it on a mantle where he does deserve to -- >> sure it does. putin juan meet with him -- wouldn't meet with him if he wasn't leading in the polls. this terms of immigration, trump made immigration a policy. he made mexico and china and japan a policy. that's one reason why he surged. it's not just that he's a lively personality, he put something on the table. others finally realized they've got to put real stuff on the table. they can't have these vague generalities. so in that sense he finally spurred these other ones, get your act together. maria: who did well in your
view? >> obviously, carly fiorina. rubio did, i thought he did well. christie did well. he was about to be relegated to the kiddie table, now he's a major player. and so those three, i think, were helped the most. bush did not at least fall back, but he's got to -- he came out with a tax plan. i wish it had been more vigorous, but he's got to start hammering on the growth theme. not just say i want 4%, spell out how why he can do it. >> what do you think is jeb's biggest problem right now? >> the fact that he was seen as not really having that kind of vibrant persona. you can't outtrump trump, so forget that. you create your own rules, and that's what he's got to do with the tax thing and other things. go out there, be vibrant in terms of convincing people that he's got a substantive growth strategy. he did it as governor of to florida, he can do it for the u.s. he's got to stay away from the
traps about his brother, about his father. this is about the future, not about sibling rivalry or who punched who in eighth grade. [laughter] maria: i was happy to see jeb smile a little. >> right. maria: he seemed to bring a different persona. >> and that also hits reagan, soothing persona. one of the things in this debate even though they hit the democrats a little bit, they haven't torn the bark off of barack obama. just hit him hard. and instead of going after each other, don't get baited by the moderators -- maria: i think it's a good point. >> hit at the big opponent. more the understood can add -- hr. more the current administration. >> jeb's best moment was when trump attacked his brother. maybe everybody's afraid to get too animated because they realize they can't outtrump trump, so they're kind of letting trump -- >> one of the things christie realized was don't try to be what you're not. and so he was much more vigorous
in this debate than he was in the other one. he was in there and made himself a presence. and that's like when you have ten siblings or something. when you have 10 or 11 people at a forum, you cannot be passive. you've got to take any opening you can to get your point across. maria: real quick, on the fed. good move or bad move? >> bad move. the very thing they say they're against, they're promoting. maria: well, i mean, global markets, global economy's weak. now we know what the fed thinks of the economy. >> it's bad, and they're contributing to the bad global economy. that's what gets overlooked. maria: all right, steve, great to talk to you. straight ahead, "star wars" may be coming to netflix, but it won't be available in the u.s. then former nfl-er bart scott joins us to discuss his new finance gig. back in a moment. we live in a world of mobile technology,
rates. we continue to see worries about the global economy and the global slowdown. we're going to get into this and take a look at where the weakness is in the world. but first, the holiday shopping season still months away, retailers shoring up their ranks, cheryl casone with the headline. >> there you go, walmart says it plans to hire 60,000 seasonal workers for the upcoming holiday season, that does match last year's level. also this, the numbers, they're this. the nfl drawing this a record 19.9 million average viewers for week one of the 2015 season. perhaps just as successful, draft kings and fan duel. in fact, the new report says daily fantasy sports are going to bring in a combined $60 million in entry fees in just one week of football. and finally, maria, new reports that diss think is in talks -- disney is in talks with netflix to put the five "star wars" movies it controls into the
streaming catalog in latin america ahead of dagen's favorite thing to talk about, force awakens. that premieres later on. now we can all watch "star wars". maria: that's true, it's great. back to the top story of the morning, and that is the federal reserve says thousand is not the time to -- now is not the time to raise interest rates. specifically the slowdown in the world's second largest economy, china. with more on this slowdown and how he is adapting and his company is adapting, i want to bring in the ceo and president of steel, one of the companies out there that really is very sensitive to what's happening in energy. great to see you, mario, thank you for joining us. first, give us your assessments of the global story on an economic basis, because we're trying to figure out why the fed didn't raise interest rates. >> i think the world continues to be a very convoluted place in general, and the weakness in emerging markets now are added
to the china situation. i think a stronger america can make a significant difference in what is going on everywhere else in the world. and i think for too long we've been putting emphasis on what the fed does or doesn't do, and we're forgetting that really what we need are different types of policies that will support growth, that will change the overall -- maria: no, i definitely want to get into fiscal policies and what we need to see to move of the needle on growth, but what i'm looking for is what you're seeing. you're the largest supplier of energy products. we've seen a complete breakdown this terms of the commodities complex. what are you seeing in steel? >> well, the steel business in general in the united states is under severe attack because, you know, china has been dumping material into this country for a long time. and what we're seeing right t now is a ripple effect because other countries are being recipients of chinese material and, transfer, with america re-- and, therefore, with america remaining the most open country
for trade, all of that is funneling into the united states. maria: do you want to see fees? do you want to see higher costs on some of those cheaper products coming from china? >> no, i would reclassify what you said. what we want is a fair playing field. and if trade is going to really help societies to evolve, trade has to be done under or the rule of law. and that's all that we're looking for. maria: how can it's not -- how come it's not being done that way? >> it's been a long time. if you look back, the definition of trade has been established in 1978, and the if you look back at the intent of the law, foreign countries that are acting in a way that will produce harm to american companies, we should act on it, and that was never really done that way. it takes about three years for you to come up with a case. during this period of time, tremendous damage is created. people lose their jobs, companies cannot invest enough, and by the time you win the
case, somebody else comes in the vacuum of that. so i think what we really need is to look into a larger frame, an assessment of what really harm is, and i think we have created that condition. for example, look at countries that have more than 40 different types of subsidies while we have, basically, then. how can you compete with that kind of condition? >> right. >> and that's what i mean about fairness. >> mario, as someone who was an investor in your stock in the hayday, seeing all of you and your competitors down here at these depressed levels right now reminds me of kind of the energy space. do you see consolidation? if there were consolidation, would you guys have more bargaining power, and you would be able to get more of a level playing field? >> consolidation has been occurring, and what we need is more global consolidation in a way that's efficient. china today produces half of the steel that is produced around the world, and probably half of what they produce is not necessary, nor efficient.
so i think that arrangement has to take place. >> and if you want to sell steel in china, don't they put a huge tariff on you bringing -- maria: right, exactly. so why aren't we putting higher tariffs on their cheaper steel? >> that's what i mean about fairness. look, for example, the energy environment that we're in. the need for energy's going to continue. you have two billion people in the world today that still doesn't have access to that, so it's going to be needed. and i think there will be more consolidation in the energy sector. i think what we see in the united states and, you know, we're producing still more than nine million barrels a day even though the rig counts have come down to a third of what it was. >> mario, let me ask you a policy question but related to your company. one of my favorite lines from the godfather two, we're bigger than u.s. steel, right? [laughter] the united states is now far, far bigger than u.s. steel. it's an important company, but we're not just dependent on our industrial companies. what might be bad for u.s. steel which is free trade on the u.s. side might actually be great for
the country, right? so should we really -- free trade has benefited america dramatically. why should we worry about free trade? >> because i think there is a confusion between free trade and fair trade. i think if you, if you are dealing with companies that are not behaving according to the rule of law and the pricing conditions are mostly to subsidize the social programs in other countries, i don't think that that's a fair approach. i don't think it serves society. i think societies evolve if they all behave under the rule of law. maria: i think you make such a good point, and these are the conversations going on around these trade deals and the most recent trade deals. let me ask you this, if the federal reserve would have raised interest rates yesterday by a quarter point, would that have impacted your business very much? >> i don't think it would. maria: yeah. so, i mean, were you surprised that the fed didn't move? >> is i am. like i said in the beginning, i think there is enough turmoil out that that there is always
going to be a reason that they can go to and not do thinking. >> have you had a chance to sit down with president obama and talk to him about the challenges that you're facing? >> well, we talk to the administration quite frequently and not only with the president, but we talk to congress too. they have to come out of this situation -- >> do you feel like they're listening and responding? >> i feel like they listen but don't hear. [laughter] maria: maybe they're hearing but not listening. one or the other. >> i just came out of ireland, and you walk around the country, there are cranes, there are young people happy and going about their -- new companies. you have older people with jobs and work, and they have, what, a 12.5% tax rate? maria: unbelievable. and then there's the e be pa. -- epa. real quick, steel is so critical in housing and the auto sector. >> and for national security. you can't forget --more when would you say that the growth is in terms of u.s. steel in the coming three years? >> we have a very significant
presence in automotive, industrials and energy. and even though, for example, the energy side is really impacting hard our company because we're not only a very large supplier, but our divisions supply the energy segment. so it's kind of a double whammy impact on our company. we have, for example, coming up new products in all of these areas. i think growth is going to come, and our company is looking into the future in two dimensions. the economy will recover eventually, and we'll benefit from it, but we are dealing with everything ec control internally to generate the kind of capability to go through difficult moments and come out of it in a better place. maria: we'll be watching, mario. terrific insights, president and ceo at u.s. steel corporation. steve cortes, great insights this morning, we so appreciate your time. >> thank you. maria: up next, a former nfl star hopes to bring just as much intensity managing hundred as he did as a new york jet. he'll join us to discuss his
keys to wealth management. back in a minute. >> all we hear is about that defense, can't stop a nosebleed. 25th in the league, and we're the ones that get disreasonned. >> con -- disrespected. >> congratulations. see you in pittsburgh.what >> can't wait. nsultants are her it's not just big data, its bigger data. we're beta testing the new wearable interface... ♪ xerox believes finding the right solution shouldn't be so much work. by engineering a better way for people, process and technology to work together. work can work better. with xerox.
>> right now my dream's all about deals and dollars. i'm a financial manager, and i will put your money to work. [laughter] maria: that was a clip from hbo's new hit show ballers which focuses on a former nfl player moving into the wealth management business. aiming to help current and former pro athletes build a financial game plan for success, joining us now is former nfl linebacker bart scott along with
drew hawkins. gentlemen, thank you so much for joining us. >> good morning. great to be here. -more it's really interesting to see you move from one industry to the next. talk to us about this new phase of your life. what are you doing? >> for us at morgan stanley, we've had an opportunity to create global sports and entertainment which is a dedicated division focusing on the need of athletes and entertainers. they live unique lives, they have challenging situations as it relates to their finances, and we wanted to have an opportunity to do something different, change the narrative and work with them in a variety of ways. maria: you know, drew, you make such a great point. so much times story after story i hear that athletes make so much money in a very short period of time, and then they lose it all. >> i think it's the education, and that's what we aim to do. we want to give them the tools necessary to make informed decisions. you give a young kid a bunch of money, he has no idea about taxation, insurances or setting up an estate plan or how to grow and save or protect it, and
we're failing at an institutional level. we're letting these kids come in, play football, and we're just sending them out into the world and not preparing them. maria: yeah. so what are you doing, bart? how do you know? >> i know because i lived it. i'm able to go out and do experiences, we do a financial literacy program. i just left the pittsburgh steelers, we go at the collegiate level as well, and we just give them our advice. antoine walker, you know, he's had a very public situation with finances, he goes out and explains how it happened. because you can look up, and it's just gone. maria: exactly. >> how'd it go so fast? >> i think he hit the nail on the head, but it's literacy. having people understand finance. i teach a course to eighth graders on finance, and that's the point that we're trying to get across. don't be afraid of money, understand money. but with the nfl, because we deal with a lot of athletes in my business, the nfl, the average career three years. take-home salary is $240,000 per
year. although these people may be spending money like they're multimillionaires, a lot of them aren't. >> they don't understand that money has to stretch out. it's funny, because when they get that first check, i turned it over, thought it was another one -- [laughter] this is it? maria: what are the big mistakes, drew, that people snake. >> a lot of these guys, unfortunately, don't save. they think that their careers are going to last forever. every given sunday is a real thing. we saw examples last week where would have terrell suggs has an incident that's going to put him out for the season. maria: that's right. >> understanding. having a game plan. these individuals prepare before the season. you have to do the same thing as far as your finances are concerned. maria: i got to get your take on this season and everything that's going on. patriots, jets, giants, i mean, what are your observations on the season? >> we were just talking about the afc east, and this thing is
wide open. everybody thought chip kelly had it figured out, he got it handled to him -- >> come on, you can say it. >> i hope so, but this division is jam packed. great game this week against the pats and the buffalo bills. maria: i love it. drew hawkins, bart scott. thank you, yes hen, great stuff that -- gentlemen, great stuff that you're doing. we'll be back. everyone loves the picture i posted of you. at&t reminds you it can wait. sup jj? working hard? here at the td ameritrade trader group, they work all the time. working 24/7 on mobile trader,
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maria: good morning. stocks are selling off this morning on wall street. hi, everybody, i'm maria bartiromo. it is friday, september 18th at 8 a.m. on the east coast. once again joining me, sandra smith and mike murphy. no change from the federal ea serve yesterday on interest rates. janet yellen said that the central bank was not ready to make the move to raise interest rates amidst recent volatility in the global markets and the impact on the united states. most officials do believe the first rate increase in nearly
ten years will come later this year. now though there are concerns about the health of the global economy and that global slowdown we have been talking about so much on this program. take a look at futures, back at the lows of the morning. the dow expected to open down 170 points, the nasdaq, the s&p 500 also in the red today. we're watching commodities. investors seeking the safety of gold which is up better than 1%. crude oil is edging lower, oil now, as you can see, down about 1.5%. checking global markets, the selling is there as well. asian markets were mixed, but we had a rough session in japan. in shanghai, china, the composite was up a third of a percent, the hang seng was up as well. the japanese yen also rising as the dollar trades lower. in europe declines across the board. take a look at early trading in europe, and as you can see the dax index in germany is one to keep an eye on, down almost 3% right now as the euro
strengthens and paris is down 2.5% and ft 100 in london down 1.5%. for our viewers waking up on the west coast, you'll want to know that qualcomm is cutting more than a thousand jobs after hewlett-packard announced another 33,000 job cuts earlier this week. now to politics, the clinton campaign could be in trouble. "usa today" reporting hillary clinton is losing support among moderates and independents which could doom her run for the white house. clinton now trails senator bernie sanders in both iowa and new hampshire. well, you certainly can call them an odd couple, donald trump and russian president vladimir putin. one of trump's advisers telling sean hannity saying there's a good chance trump will meet with putin this week. with 27 seconds left on the clock, chiefs' running back jamal charles fumbled the ball,
the broncos recovered the ball and ran it back for a touchdown, the broncos beat the chiefs 31-24. back to our top story of the morning, and that is the federal reserve and the markets. peter barnes was at janet yellen's news conference, and he's got the details now. good morning. >> hey, maria, that's right. the fed says while it feels the domestic economy is doing well, it's worried that problems overseas could hurt the recovery, especially china where growth has been slowing and stock markets dropping. >> the question is whether or not there might be a risk of a more abrupt slowdown than most analysts expect. and i think developments that we saw in financial markets in august in part reflected concerns that there was downside risk to chinese economic performance. >> yellen said the fed now needs
a little more time to evaluate the possible impact of all this on the u.s. economy before it raises rates, but she said the fed is getting close. but in its new economic projections, a large majority of policy meeting participants, 13, said they still expect to start hiking rates by the end of this year. maria? maria: peter, thank you so much. more reaction on the fed's decision on inaction, joining me now is brian wesbury, and on the phone is keith mccullough. keith, thank you so much for calling in. we know that you watched the fed decision from your wife's hospital room. congratulations on the new baby. >> thank you, maria. thank you. it's an incredible blessing, and we have a lot to be grateful for. maria: i want to talk to you about this unbelievable call you've had for the last year and a half, keith. you have been saying the fed will not be able to raise interest rates because of the global growth story slowing. what's your take on what we saw yesterday? >> well, i think you have the
combination of both happening right now. you have, you know, obviously global growth is slowing. that is a factor. but the bigger factor above and beyond that is, of course, that the federal reserve is playing catch-up on a lag to a u.s. slowdown. a lot of people who will be talking today or talking yesterday, they will, you know, quickly say, well, fine. in rate of change terms, the u.s. is clearly slowing. whether you look at employment growth, wage growth or consumer confidence, for that matter, they're all late cycle at this point, and our forecast is gdp in the third quarter is going to, at best, have a one in front of it. the fed's going to have to talk a lot more about the u.s. slowdown than anything else. i think it's what the market's been baking in for a long time now. anybody who's been long growth stocks has been paying the price for buying the dips. maria: yeah. but, brian, you're on the other side of that because you basically say, look, a quarter point wasn't going to do squat anyway, so why aren't we just getting off the zero?
is that your take? >> that's exactly right. first of all, congratulations, keith, that's awesome. [laughter] >> thanks. >> having children, having kids is one of the best things of life. it's awesome. >> thanks. i've done it four times now, it's just fantastic. [laughter] >> well, then you know. maria: you're in big trouble, three girls. >> yeah. that's the part of life, brian, that i'm really bullish on growth on. >> you know what? how much credit do you give janet yellen for having kids, you know? [laughter] maria: oh, come on. >> i'm not kidding you, because everybody acts like janet yellen creates the world. like if we didn't have the fed and draghi and abe that the world wouldn't grow. and in reality it's individuals. it's families. it's businesses that create wealth, that create our higher standard of living. the federal reserve doesn't do it. maria: all right. >> they didn't raise interest rates yesterday, and the stock market's down 1%. maria: that's right. >> japan is down.
they've been doing qe for 30 years, and they're still in deep do. draghi has done qe, and the stock market is down since they done qe. so this concept that the federal reserve drives growth, there's no proof that it's true. maria: okay, i understand that. but i've got to tell you, this is exactly the reaction that i expected, that the markets would be down if the federal reserve did not raise interest rates was they just told us what they think about the economy, that we are seeing the u.s. slow down, and we are not going to be able to see sustained growth when all of our trading partners are being challenged. so the question now is what does this mean for americans at home? >> yeah. well, here's the deal. you really -- i mean, the federal reserve didn't see the crisis coming in 2008. they -- the last time unemployment was at5.1% t der fun re w 4 todat's.13. ha, o aour ekovi era bis, the'snly
27500nitilaim rig no th's t lest at weve see nce973. u kw at theedel fus rateasin 173? 8.7%. so this idea that somehow having these 0% interest rates is driving all of this, it's not true. i don't agree with keith that the economy is slowing down significantly. maria: oh, brian be, we had nine straight months of factories declining, the industrial side of the economy collapsing as seep through the commodities complex, we've got a participation rate that shows 38% of working anal americans don't have a job and don't intend to look for a job. >> yeah, and i'm not arguing that we don't have some issues with our economy, but i believe they come from other government policies. when we overregulate, when we overspend, when we redistribute income, when we pay people not to work, that's what creates all these structural problems. maria: right.
>> it's not the fed's job -- maria: okay. >> -- to fix that. >> hey, keith, it's mike murphy, congratulations. >> thanks, mike. >> one more to catch up to me. i know your call that you've made and i know your stance on this, but i'm just wondering what do you suppose, what would be your suggestion for yellen and the fed now? because for me, i think they should have raised, but i get your point they couldn't, but what is their next step then, in your opinion? >> well, to be current -- and thanks again for the congratulations. having five kids, that's bigtime, mike, that's awesome. [laughter] maria: do it again. catch up to mike. >> to be clear, and this is where i completely agree with, i think, both of you. i agree with brian as well. the federal reserve cannot print growth. i think everybody knows that who's analyzed not only u.s. monetary policy history, but the monetary policy experiments of everyone far and wide. so i would have said that, you know, the federal reserve if they raise rates or if they didn't do anything, the stock market was still going to go
down because growth is slowing. that's the point. the federal reserve cannot smooth gravity, they cannot bend gravity. if growth is going from three to two to one, that's all it is. the reality is that maria's right. whether you look at any cyclical indicator -- which would include the stock market, i might add -- the industrials and the transports have been signaling this for a long time. again, the stock market says that we're right on this, and i think that it's going to take up until probably the end of november when you're going to get the q3 gdp report. and, again, i have two scenarios, 0 or 1.5. it's not 2 or 3. god forbid there's another bad jobs report pending between now and then. the federal reserve is going to be operating on a lag. >> keith, i know you've had your clients in cash. are you telling your clients after this decision to put some more of that money into stocks
or are you sitting still? maria: or are you buying gold? >> gold and bonds. we have three positions, cash, gold and bonds. and we haven't liked gold, by the way, up until really the last three years. maria: it's up today. >> the main reason why gold's going up has two very obvious reasons. interest rates are down, and the dollar's down. that's what gold loved in 2011, that's what it loves now. so if the federal reserve has to attempt to devalue the dollar -- that's why these things are up. to brian's point, you know, the true growth is the five children that mike murphy has, the four that i have. that's organic growth. growth is not inflation. the illusion of growth through stock market, really through fed manipulation of the currency, that is a joke. that's an illusion of growth. maria: by the way. the german dax index is down 3% right now, keith. brian, that's also an indication that we're not seeing such a rosy picture in europe either. >> no. and, you know, people are saying should we buy europe because
draghi did qe? i said, no. >> no. >> don't buy europe because of qe, because qe doesn't create growth. it didn't create growth here. you know, look, we have had some weaker economic data, some. i can't call 173,000 jobs a horrible jobs number. maria: no, it's just weaker than expected. >> everybody keeps calling it that, and i -- it'll be revised up, and, you know, but i can't argue with that. however, i have heard this for six and a half years. every time gdp went from 3.2 down to 2.1, then it was going to go to 1 and 0, and instead it went back up. every time retail sales fell for a couple months, they were going to go back up. in the third quarter, consumer spending will be up over 3% at a real rate after inflation. maria: yep. >> that's even with huge declines in gasoline prices. maria: yep. we'll see about that, because we've been waiting for the consumer.
>> but these are, like, and, brian, you know this. i was bullish on growth and bearish on bonds and bearish on gold throughout the end of 20 12, through 201 when growth was accelerating. all we care about is the rate of change in the economy. this is called the cycle. we're 76 months in. what happens at the end of the cycle, maria? employment and consumption peaks. and that's the point. >> but cycles end when the federal reserve withdraws the excess liquidity. and that's one final point at least i hope i get a chance to make here. maria: go ahead. >> the federal reserve has added $2.5 trillion worth of excess reserves. this is money that the banks could lend out that they haven't. raising interest rates today, they typically in the past when they would raise rates, they would actually withdraw liquidity. all they're doing now is saying we want rates higher. all this extra liquidity will still be in the system. maria: yeah. >> so even going to a quarter is
not tightening. it's not even remotely close to tightening. it's not like it was in history. maria: it's a scary sight that even with everything you just said, they're still afraid to do it for a quarter point. brian, keith, great conversation. appreciate your insights, gentlemen. see you back on set, keith, soon. ♪ we'll be right back. pleasure #rl ] mak #
maria: welcome back. just days after riot police used water cannons and tear gas to turn back migrants at the hungarian/serbian border, now other countries are closing their borders as well. >> croatia is closing accept of its eight border crossings with serbia after more than 11,000 migrants tried to access the limited number of buses and trains. croatia says they are, quote, not a road to to europe and to stay in serbia, macedonia and greece. and america's most infamous investment bank coming to a campus near you. goldman sachs is starting to
advertise to college students today for recruiting purposes. and finally, walmart says it plans to hire 60,000 seasonal workers for the upcoming holiday season. that matches last year's level. the wages for these holiday jobs are starting at $9. christmas coming early, maria. back to you. maria: thank you, cheryl. troubled energy companies, meanwhile, running out of gas. low crude prices sending companies into bankruptcy court. we are expecting that to accelerate toward year end. could that mean more consolidation in the space? we'll talk about it next. back in a minute. ♪ ♪
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built for business. maria: well, we are watching commodity markets this morning. oil down nearly 2%, gold is up more than 1% following the fed's decision yesterday not to increase interest rates. equities are selling off. phil flynn is at the cm networks chicago -- cme in chicago. >> we're live anything a post-fed world, and that means the dollar has hit a three week low. gold prices were up over $20, they're up $16 now. but take a look at oil. it's straight down against the dollar. we talked about this yesterday. it used to be thought it was almost dogmatic that if the dollar went up, oil would go down. now they're going both in the same direction. why is that? the expectation of growth. an expectation of growth is interest rates. if the fed isn't raising interest rates, then guess what? the demand for oil will be weaker, and the dollar gets weaker.
so, hence, they're moving in the same direction today. the total opposite of what they've done for most of the financial crisis. if you looked the rest of the commodity complex, they're also being shaken up today because most of those commodities are still focused on the dollar. when they see that dollar continuing weak, should provide a train for a lot of commodities. maria: thank you so much. commodities have broken down, the concern about bankruptcies in the energy sector we've been following on this program quite a bit, and now i think it's resonating. on monday i did a "usa today" piece, my column. how worried are you about this, sandra? >> this is going to be a huge conversation going forward especially at a time where everybody's considering these energy companies as beaten down buys, a lot of them right now. i know you've been looking closely at the sector as well, and if oil prices are bottoming as jim rodgers detailed earlier in the week, how do you treat the rest of the sector? maria: the question that i was asking earlier in the week is do
commodities lead economies or economies lead commodities? we know what's happened to commodities. isn't that more of a function to what's happening in the global economy? as opposed to that's going to empower the consumer to spend more money? >> i think, yes, you're correct. but remember, it's cyclical, in my opinion. i think what you're seeing in energy is more how the real economy should be working. so a lot of companies overleverage themselves, oil corrected massively. maria: right. >> now those companies a in trouble, they're distressed. a lot of them have filed bankruptcies. but then the bigger picture is energy companies with strong balance sheets that didn't overleverage themselves, they can now come in, buy distressed assets and build them up and come out of this as stronger players. i think the cycle has come pretty close to a bottom, and i think there's a lot of quality energy names that are going to be a lot stronger 6-12 months from now than they are right now. maria: we'll see if that means opportunities. people are looking at energy,
sandra, for value. >> buzz it's -- because it's led, so often, the stock market. if anything's going to lead us back up, i guess you could speculate that oil might be the first to bounce back. >> yep. the whole energy space, the xle is down 20% year to date, but a lot of the companies in there are down 50%. you look right now, if you want to look for opportunity, i think the deal making that you're already starting to see in energy tells me that there's a near term bottom in there, and i think there's a lot of quality names where you can get great dividends, 5, 6, 7% dividend yields while you're buying a company that's trading at a fraction of where it was a year ago. and if you believe that they have adjusted to lower oil prices, as i do, you believe that the stock price should be higher 6-12 months out. maria: we'll see. and you might even get the takeover premium if we see consolidation. up next, from lovable know it all to manufacturing magnate. the man who made cliff craven a household name.
joins us next. finish. >> who's going to win, cliff, reagan again? mondale? >> no, not a chance. by my calculations, our next president has to be named yelnick mcwawa. [laughter] can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive?
>> welcome back, happy friday, everybody. it's friday, september 18th. once again with me is sandra smith and rose cliff capital mike murphy. and 4:30 on the east coast for a friday morning. the futures, we're looking at a deteriorating market. the dow jones industrial average expect today open 200 points the morning after the federal reserve left interest rates unchanged yesterday. investors now focused on the global slowdown, economically speaking. investors are more concerned about the health of the global economy and impact on the u.s. than rock bottom rates.
oil taking a leg lower. take a look, it's down 2 1/2% although gold is higher, people flocking to gold. and usa today reporting that hillary clinton is losing support among moderates and independents, which could doom her run for the white house. clinton is now trailing bernie sanders in iowa and new hampshire. you can call them an odd couple, donald trump and vladimir putin. and one of his advisors there's a better than likely chance that trump will meet with putin. putin will be at the general assembly. a brawl erupted in the upper house of parliament, legislation that would send troops to fight abroad for the first time since world war ii. my next guest is best known for
his role of cliff in cheers and many voices. john, welcome. >> good morning. maria: jamie dimon wrote an op-ed, one of the highlights building through infrastructure and manufacturing. why has this issue become so important to you? >> well, for the last 15 years i have been speaking about this all over the country. the fact that when we canceled shop courses in schools about 30 years ago, the drop-out rate went up 20 to 30% instantly because not everybody needs or wants to go to college. right now, the average age of people that actually know how to make and build things is 58 years old. maria: that's interesting. >> they're going to be retiring out pretty soon and we've got done anything-- there are ceo's in this country that would love to speak about this, but it affects their stock price. can you imagine someone in the big-- the machinery company said we can't find diesel mechanics. that affects the stock price instantly. maria: so the onus is on the
private sector to ensure, or government, who is responsible to ensure that we've got the right training. >> yeah, just bring back shop classes. kids are now graduating from high school without the ability to read a ruler let alone use tools. i am apart of elite aviation in manufacturing and bringing back manufacturing back to the united states and we're training people and seems like we're adding a new cnc machine. sandra: how much is the fact that we have an app for that. i've got a ruler on my ipad and go into a room and buy a house and shoot wall to wall with my ipad and i don't have to measure anything. amazing. >> when you're measuring a part for a boeing-- >> i completely agree with you, we've gotten lazy, right? >> we stopped teaching that. it's the same thing with home ec courses, a lot were
political, women in the kitchen, and now it's about bacteria, and going in the hospital and-- >> why are we in this state? this a policy, the regulation, tax codes, is this part of it? >> a lot of it also has to do with the philosophy that came out of thefof the '60's that ev needs to go to college. maria: not trade schools. >> not even trade schools, but kids use today chime trees and build tree houses and fix our bicycles. use tools. >> one of the things bringing jobs back to the united states, i commend you for that. today, it's different. you know, the technology to sandra's point, it's there that wasn't there in the past so i just question if trying to bring back the simple answer, bringing back a shop class, really gets us to where we need to be.
i agree, there are a son of jobs out there that people-- from truck drivers, builders, manufacturing they can't place workers in. i don't know the answer, but i don't know that it's simply bringing back, reintroducing it at schools. >> well, we're running out of people that know how to build and op and maintain turbines. and that brings electricity to that light bulb and the people that mine the coal, they need machines to mine the coal, to get it, you know, to the turbines to provide electricity for us all. and if there's no people to do that then you don't get electricity especially with water. maria: what about incentives for companies to move overseas, isn't that part of it? >> a lot of things are so big, you can't build them overseas. you can, but the price goes up. you were talking about it before, the quality of the steel from china. i was a carpenter before i
became an actor, i could tell the difference between chinese steel and american steel on say, a wall of hammers and go into the stores, i know which were made in america and which were made in china because of the way the light reflects off them. chinese ones after a while they get a chip if you're not going to wear goggles, it will hit you in the eye. maria: do you think the candidates are focusing on the issues you're talking about? >> no, not at all. i talked to them and they look like i've got lobsters coming out of my ears. maria: were you in the green room with the lobsters? no, i'm from new england-- >> no, in the green room they're making lobster rolls. >> a way to reintroduce a middle class that not everybody needs to get an advanced agree. >> in the green room making-- >>, but everyone in this room,
leonardo da vinci was a child on a farm and everyone ignored. and thomas edison learned to be thomas edison, around a boat yard. he didn't go to college and say i want to learn about filaments. you've five, six, seven, eight years old, that's when they become who they become. sandra: the manufacturing sector has an obligation to make them cool again. i'm sorry, i am sorry to say that, but-- >> the media. sandra: that's jobs are cool ap that's what they want. the manufacturing sector has not revived itself. maria: you don't hear a kid saying today, i want to be a steel worker, i want to be a football player, a baseball player, i want to be on tv. >> the media is at fault.
every time i make a movie or tv show. maria: the media? blame the media. >> and even go back to, let's say gomer pyle, a master mechanic, but an idiot. maria: i see what you're saying. the portrayal. >> the portrayal of the trades. sandra: copy that. >> and also as a female, wouldn't you want to be with a man who is capable. maria: yeah, handy. sandra: actually. >> a college degree-- >> is your husband handy. sandra: totally capable. peeking of kids not knowing how to break the bike. my husband was there, nobody knew what to do. >> 40 years ago everybody would know what to do and that's the different. maria: john, a great point you make, i'm so happy you're the voice of manufacturing. john ratsenberg. and the fed not moving the interest rate yesterday.
the dow down 2000 points. investors everywhere worried about the global slowdown, plus, sports gambling taking a back seat to sports gambling, the rapidly growing fantasy football sector now drawing attention from congress. we'll show you next. ♪ shot through the heart and you're to blame, you give love a bad name ♪ technology empowers us to achieve more.
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>> welcome back. football season is in full swing. our fantasy sports particularly the new daily fantasy website, now one congressman says certain companies are operating in a gray area and may not be completely legal. cheryl casone. >> got to get in on this one. congressman frank pallone, a democrat from new jersey, wants the house energy and commerce committee to open an inquiry into the fantasy websites like draftking and fanduel. legal or not, the popularity of success of the new fantasy sites not ignore. a new report says that daily fantasy sports will bring in a combine $60 million in entry fees in one week of football. that's compared to 30 million the same time in las vegas. i can't imagine anybody at fox
business participating in fantasy sports. maria: yeah. >> the numbers these guys are bringing in. the investment capital they're getting almost $400 million, the valuation for those sites, it's huge. >> it's actually bigger than that and it's growing rapidly. they can't keep up with the demand for these things and the differentiator here is that they make it legal because they say it's a game of skill, unlike gambling, which is a game of chance. so that's the fine line. that's why it's legal. it doesn't fall under gambling. >> whatever. [laughter] >> exactly, so it's a gray area, but it's a becoming industry, but i think the very important point hear is that the nfl, if you saw the ratings were up so high with the nfl. >> a record. >> and so much of that has to do with the interaction of people who are playing these fantasy sports. sandra: totally agree. >> it's not just the fanduels and the draftkings, it will be the nfl. >> i don't hang out with nem, but sometimes you walk by the sports bar, its walls covered
with tv, the guys and gals, by the way, women are playing just as much. they're sitting there watching every game. it's not because they're interested in every team, they're playing fantasy golf ba ball-- fantasy football. >> and this congressman. >> pallone? >> yes. >> he's been vocal about gambling in general in new jersey, but this, i think he's going to have a tough time. there are other things that congress has to worry about rather than the cowboys this season. maria: a moneymaker there. our next guests are clawing their way to the top of the food truck business. they'll tell us about their lobster business. they set up a food truck, cousin's maine lobster ahead of lobster day this week. ♪ ♪
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lower than expected forecast. with that you see the down arrows, that actually overshadowed a piece of good news and we talked about the cloud. they had a strong rise in net subscriptions for the creative cloud software. that's one good point, overall you're going to see adobe under pressure and a lot of names as well. the nice may be some gold stocks and up arrows, as well ak steel. back to you. >> thank you so much. don't forget to start your day every weekday with nicole and lauren, lauren simonetti catch them at 5 a.m. eastern right before mornings with maria. maine is known for seafood, particularly lobster. my next guests are taking the u.s. by storm with their food truck. and joining us are the cousins, and great to see you guys. >> thank you. >> thank you for joining us and you brought the tools to make the lobster.
i want to ask you about food trucks. sandra, i don't know about you, and i go around new york city and you see them everywhere. how successful or how do you start 15 to 20 for sales and fixed costs are. we have to have a good product, we feel confident we have a good product. people want to try variety. maria: the costs are basically setting up the truck. >> yes. anywhere from $50,000 for a used truck all the way up to 100 or 150,000 for a brand new truck and permits for local cities. maria: you zeroed in on lobster. you guys are from maine. tell us how you started the business. we're from maine and knew the product was the best, we grew up with. and started in los angeles combine the best two things going, our maine lobster and
the food truck explosion in l.a. and happening throughout the country. maria: sandra, during the commercial break, you opened your first restaurant? >> yes, and in california if you're ever there. >> we have 18 food trucks nationwide. we started with one about three and a half years ago and now we have 18. sandra: how much is one of these sandwiches, by way, or the lobster roll. >> the lobster roll is 13.50. sandra: and that's fresh maine lobster. >> cheaper than here in new york. sandra: and your profit margins are what? >> we feel it's affordable. healthy eating and the calories and-- >> i'll write it down for you after. >> of course, lobster is high in protein and low in calories so depends how much buttser or mayonnaise and we have other healthy options, lobster tacos
and corn tortillas. maria: give us what, the lobster from maine and here. >> it's overnight, we go with ups and personally work with them. we work overnight and sending lobster tails, meat, making sure it's the-- >> you guys are actually cousins. >> yes, i am the older wiser one. sandra: a family business. a lot of people think about going into business with family members, is it working out for you. >> oh, well-- . [laughter] no, we've had an amazing time. before we started we took a many come patability test. we didn't want to-- our family is everything to us. he's the cousin and it's been
an education. >> and what are you saying, hey, how are you? >> i know you made these in the green room and we had a party in the green room before you came on and went live. give us the recipe, how do you make these? >> it's very, very simple. sandra: can i give one to mike to try? >> pass it over. >> mikey liky. maria: i'll have it after the show. >> we think in our opinion, it's consistent and juicy and tender. and a little bit of butter and putter on the roll. >> in the pan. >> oh, mobster. sandra: five second rule? >> oh, my gosh. our mothers would have done the same thing. sandra: this is coming from-- five second rule. >> we're number one lobster by tasting cable and again, it's simple-- and fresh lobster, butter and lemon for me. maria: when i first met you
guys, you were just like one truck a few years ago. >> this is the third time on the show we love our family now. maria: good stuff. thanks for bringing the lobsters for us and congratulations on growth of your small business, cousin's maine lobster. futures are lower, we're expecting a lower opening for the broader averages. stay with us. i say we go all in on the internet of things. what we're recommending as your consultants... the new consultants are here. it's not just big data, its bigger data. we're beta testing the new wearable interface... ♪ xerox believes finding the right solution shouldn't be so much work. by engineering a better way for people, process and technology to work together. work can work better. with xerox.
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to lose her first tooth in one way. her father tied floss to a loose tooth and the other to a drone. and that's her father you heard laughing like a madman in the background. there's something disturbing to me about this. >> yeah. sandra: ask the guy with five kids. maria: exactly, ask the guy with five kids. what do you think about it. >> could get drones and never pulled high kids teeth out like that. that's crazy, but thank god she's fine. sandra: i don't know it's that horrible. people try to eat apples and, it's a little scary. >> it's different than a drone. sandra: a little different from a drone. coming from a guy that ate lobster off the floor. maria: five second rule. we've got to look at the market to get the final here, and looking at a 200 point selloff at open of trading today.
and the federal reserve interest rate is unchanged. sandra: you brought a special clip from your post-fed announcement and people said they should have raised. the market would have applauded a raise and here you have the market responding, they wanted the first rate like and the dow futures are down 175 points, would we have been up if the fed would have raised? >> i cans. the s&p 1950 is the key level. if we can hold that we can get momentum. i think the fed made a big mistake because i think they backed themselves into a corner. i don't know when they actually come out and raise rates knew, but the market so far is taking it in stride, so to speak. maria: the market is down 200 because maybe the investors are saying, maybe this economy is worse than i thought. sandra: making that point. if they weren't willing to
raise, it's so bad they're unwilling to hike. maria: and more uncertainty. thank you so much. it's a pleasure. thank you for joining us, everybody. that will do it for us this morning. i'll see you on sunday on sunday morning futures on the fox news channel and again on monday, back here same time. thanks for being here. the market is going to open lower. let's get to stuart varney, you've got a big show and it's over to you. stuart: always, maria. thanks very much. what happened? janet yellen leaves interest rates unchanged and the market goes down? good morning, everyone. two points to make here, maybe the economy is not as strong as the government says it is. that would bring stocks down or maybe the federal reserve is doing the president's bidding. it's politicized and the market doesn't like that either. look at this, stocks will be opening way down, maybe close to 200 points. a media double standard. you trump deflects a question on muslims and is sharply criticized.